John Healey, the Chancellor, is facing opposition from energy executives and politicians over reported plans to raise and extend the windfall tax on UK oil and gas profits beyond 2030. Labour already taxes those profits at 78% under the existing levy, which Rachel Reeves, the former chancellor, extended from 2028 to 2030. The proposed measure, alongside a possible bank windfall tax, is intended to raise billions of pounds for public spending and target higher profits linked to the Iran war, which has lifted oil and gas prices and increased borrowing costs. Industry representatives say further changes could drive investment and skilled jobs overseas, weaken energy security and reduce domestic production. The proposal also threatens the profitability and potential sale value of BP’s North Sea business, which was expected to fetch up to £2.5 billion. The debate comes as licensing decisions continue for the Jackdaw and Rosebank fields, which could increase UK gas production by nearly 10%.